In a previous role, I identified that our inventory levels for a particular product line were too high, leading to increased holding costs. I analyzed sales data and demand forecasts to adjust reorder points and order quantities. By implementing a just-in-time inventory strategy, I reduced excess stock by 20%, resulting in a 15% decrease in holding costs. This not only improved cash flow but also freed up warehouse space for more profitable items.

I prioritize regular cycle counting and use automated inventory management systems to minimize human error. By conducting cycle counts at least monthly, I can quickly identify and correct discrepancies. Additionally, I ensure that all team members are trained on the system and follow standardized procedures for data entry. This dual approach of technology and process adherence significantly reduces errors and ensures accurate reporting.

To manage stockouts, I closely monitor key performance indicators like lead times and demand variability. I use safety stock calculations to buffer against unexpected demand spikes. For overstock situations, I analyze sales trends and adjust reorder points. I also collaborate with the sales team to promote slow-moving items through targeted marketing campaigns. By balancing these strategies, I minimize stockouts and overstocks, ensuring optimal inventory levels.

I regularly attend industry conferences, webinars, and training sessions to stay abreast of the latest trends and technologies. I also subscribe to relevant journals and participate in professional associations like APICS. Additionally, I network with peers and mentors to exchange insights and best practices. This continuous learning ensures that I can implement the most effective strategies in my role.

In such a scenario, I would first assess the demand spike to determine if it's a temporary surge or a new trend. If temporary, I would expedite orders from suppliers and prioritize production schedules. If it's a new trend, I would adjust long-term forecasts and negotiate with suppliers for better terms. I would also communicate with the sales team to manage customer expectations and explore cross-selling opportunities. By acting swiftly and strategically, I ensure that we meet the increased demand without compromising service levels.